3M (MMM -3.32%) stock declined by 5.2% as of 2 p.m. ET today following the company's second-quarter earnings report. Despite the disappointing share price reaction, the results were solid, and there was plenty in the results to make investors feel that management is taking the company in the right direction.

The bad and good news for 3M

Starting with the bad news: 3M's end markets aren't improving as much as management had hoped at the start of the year. After nudging investors toward the low end of its initial full-year organic growth range of 2%-3% in April, CEO Bill Brown lowered it to 2%.

That's probably the reason for the decline, compounded by management citing softness in key end markets for 3M, like consumer electronics, a challenged auto aftermarket, and a barely improving auto original equipment market.

That said, there's little management can do about its end markets, but it can improve its operational performance. And the good news is, it's doing it very well. Some highlights from the report: 

• New product introductions of 126 put it well on track to exceed its target of 215 in 2025.
• On-time-in-full (OTIF) deliveries at the highest level in nearly six years -- a key measure management is targeting.
• "Better asset utilization enabling the sunset of old equipment"
• Management raised full-year operating profit expansion guidance to 150 basis points to 200 basis points, from its original guidance of 130 basis points to 190 basis points.
• Full-year earnings per share guidance has been increased to $7.75-$8.00 from $7.60-$7.90 previously.

Image source: Getty Images.

In short, the company's self-help initiatives are effective, but the stock is being penalized due to end-market challenges. As such, the dip presents a buying opportunity, provided there's some stabilization in the consumer electronics and auto sectors, but that might require lower interest rates first.